NHH Brage (Norges Handelshøyskole)
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Asymmetric cost transmission and market power in retail gasoline markets
Get PDFEstimating non-linear autoregressive distributed lag models, we establish shortrun cost pass-through in the Swedish retail gasoline market. Our findings reveal a slower correction of disequilibrium error in volume-adjusted prices compared to average pump prices, suggesting that oil companies are more focused on pricing on days and at stations with larger sales. Our results also suggest that earlier studies of pass-through using average prices underestimates the price asymmetry. Exploring heterogeneity in price responses we find that gasoline stations less exposed to local competition impose larger and more prolonged asymmetry on retail gasoline prices. Full-service stations have a higher and more prolonged asymmetry in pricing than automated self-service stations. Despite indicating only roughly three percent rise in consumer prices, this asymmetry accounts for nearly 40% of firms’ gross margins, carrying significant implications for market regulation and business strategies
The Role of Identity in Access-Based Consumption
Get PDFPrevious research has shown a wide range of examples of people preferring products and
brands that are associated with their identity. However, most of this research has investigated
consumption in the form of acquiring ownership over a product. This thesis includes three
articles that investigate whether and when identity affects choices when people engage in
access-based consumption within the sharing economy.
In article 1, we investigate group-based discrimination in the sharing economy. Using
a set of carefully controlled experiments (N = 1,599), we find causal evidence for racial
discrimination. When an identical Airbnb apartment is presented with a racial out-group (vs.
in-group) host, people report more negative attitudes towards the apartment, lower intentions
to rent it, and are 25% less likely to choose the apartment over a standard hotel room in an
incentivized choice. Reduced self-congruence with apartments owned by out-group hosts
statistically mediates these effects, and discrimination disappeared when the apartment was
presented with an explicit trust cue.
Article 2 investigates how identity and self-relevance relates to consumer preferences
for access-based consumption versus ownership. Findings from five studies (N = 2,398),
indicate that strongly fashion-identified consumers tend to prefer ownership over access in the
clothing domain, but that this correlational relationship is weak, and can be affected by
situational factors such as the number of consumption events.
Article 3 investigates how consumers using car-sharing services instead of traditional
car ownership are perceived by others. We conducted a high-powered experiment in a general
population sample (N = 1,194), examining whether users of car-sharing services are perceived
as more trustworthy than car-owners, and whether people prefer to socialize with car-sharing
users versus car-owners. The results showed that car-sharing users were only perceived as
2
more trustworthy when their motive for sharing was pro-environmental. Moderation analyses
were slightly underpowered, but suggest that socialization intentions varied according to
participant’s own driving behavior and environmental engagement.
In conclusion, this thesis contributes to social psychology and consumer research
literatures with novel empirical evidence showing the effects of social and personal identity in
access-based consumptio
Business model digitalization, competition, and tax savings
Get PDFWe examine the effect of business model digitalization on competition and how corporate tax savings through digitalization may augment this relationship. Global policymakers express concern that digitalization-related tax savings unfairly benefit the competitive standing of rival firms over their competitors. Using textual analysis techniques to identify firms’ business models, we show that rivals’ adoption of a digital business model leads to negative economic effects on the performance of their non-digitalizing competitors. We estimate that a one standard deviation increase in the share of digitalized rivals in a market reduces a competitor’s market share by 4.6%. Suggesting significant tax savings from digitalizing, we also find that digitalizing rivals substantially reduce their effective tax rates, mostly by increased use of tax havens. However, when we test whether the detected competitive externalities vary depending on the share of digitalizing rivals with versus without substantial digitalization-related tax savings, we find the economic magnitudes of their effects are quantitatively similar. Therefore, contrary to policymakers’ concerns of digitalization-related tax savings unfairly shaping competition, our findings suggest that tax savings from digitalization is not a key driver of altering competition between digitalized and non-digitalized firms
Smidig i historiske fotspor : Et komparativt studie av to etablerte virksomheter som utforsker samspillet mellom strategi, struktur og smidig som respons på et næringsliv som endres gjennom digital utvikling
Get PDFOur research study has investigated how two established companies respond to digital and market challenges by exploring the interplay between strategy, structure, and agility as illuminated by leaders' perceptions.
The research question we have examined is:
How do leaders in established businesses navigate the interplay between strategy, structure, and agility in response to continuously changing environments?
The study employed an exploratory, comparative case analysis method. We have investigated two established businesses, both of which have experience with digital development and have demonstrated organizational adaptability by implementing large-scale agile methodology through multi-team systems. Previous research has only to a limited extent addressed the interaction between strategy, structure, and agility during organizational transformation processes in established Norwegian businesses.
Our research has culminated in a triadic model for increased competitive advantage in a digital world, highlighting how the interplay between strategy, structure, and agility has impacted organizational transformation. We have identified several components critical for making this interplay work: 1) Drivers for change, 2) Strategic competence development, 3) Balanced autonomy, 4) Evolution of leadership roles, and 5) Common language and values. Through our analysis, we have also revealed that leaders in these companies have incorporated a range of operational implementation mechanisms to effectively advance organizational transformation processes. These are competence exchange, prioritization tools, product strategy, glossary, interaction model, culture document, new roles, and new learning arenas. This emphasizes both a strategic and tactical need to view the interplay between strategy, structure, and agility in response to continuously changing environments.
Further research should build on our model to explore the variation in how different organizations manage this transformation, which will enrich the academic perspective.nhhma
En kvalitativ studie av Stockman-kriteriene og IASB sine kvalitetskrav
Get PDFI denne masteroppgaven var vi interessert å finne ut om det er samsvar mellom kvalitetskravene til IASB og hva investorene anser som viktig i et finansregnskap. Dette var noe vi ønsket å studere gjennom Stockman-prisen, som er «markedets pris». Vi utformet følgende problemstilling: Hva har Stockman-kriteriene og IASB sine kvalitetskrav til felles og hva skiller de? Hvorfor er det forskjeller? Vi har gjennomført en kvalitativ studie hvor vi intervjuet investorer og analytikere som har vært involvert i Stockman-prisen. Dette var både personer som har avgitt stemmer og personer som sitter i komiteen. I kriteriene til Stockman-prisen innen finansregnskap fant vi at alle kvalitetskravene til IASB er viktige. Unntaket var verifiserbarhet som sjeldent ble trukket inn som svært sentralt. Det som er interessant er at selv om Stockman-prisen og IASB er enige i hva som er et godt finansregnskap, har Stockman-prisen mange kriterier utenfor finansregnskapet. For å finne ut årsakene til forskjellene gjorde vi en kombinasjon av semistrukturerte intervju og dokumentanalyse. Fra Stockman-komiteen fremkom det at finansregnskapet fortsatt er viktig mest på grunn av dens troverdighet. Utviklingen av «investor relations», samtidig som omfanget av ikke-finansiell rapportering har økt, gjør at finansregnskapet har relativ lav vektlegging i Stockman-prisen. Fra dokumentanalysen fant vi at IASB ikke innarbeidet alle ønskene til investorene da de publiserte CF 2010, men at ønskene i større grad ble tatt hensyn til ved revisjonen av CF 2018. Vi fant også at IASB prøver å hensynta brukernes behov når de erstatter IAS 1 med IFRS 18, ved å øke forståelighet og sammenlignbarhet i finansregnskapet
Prosjektlønnsomhetsanalyse i vannkraftsektoren
Get PDFInvesteringsbeslutninger i vannkraft tas under usikkerhet, hvilket understreker nødvendigheten av robuste analytiske metodikker for lønnsomhetsvurderinger. Denne masteroppgaven er en kvalitativ casestudie som tar sikte på å analysere Å Energis praksis for prosjektlønnsomhetsanalyse av nye kraftutbygginger, illustrert vha. Fennefoss-prosjektet. Dette kraftverk faller inn under kategorien småkraftverk og pålegges derfor ikke grunnrenteskatt. Formålet med denne studien er todelt: For det første søker oppgaven å analysere i hvilken grad selskapets tilnærminger til prosjektanalyse samsvarer med teori om lønnsomme investeringsbeslutninger. For det andre vurderer oppgaven betydningen av skattesystemet, herunder grunnrenteskatten, på investorenes konseptvalg.
Studien tar utgangspunkt i de to første fasene i T. Bjørnenaks (2019) rammeverk for prosjektlønnsomhetsanalyse, og analysen utføres basert på innsamlet data fra semistrukturerte intervjuer og dokumenter tilsendt fra representanter i selskapet. Den kreative fasen tar for seg selskapets tilnærminger til utforskning og identifisering av alternative prosjektkonsepter, mens den tekniske fasen fokuserer på de kvantitative beregningene som er nødvendig for å vurdere lønnsomheten av disse. Den sistnevnte fasen avgrenses til å omhandle selskapets praksis for verdivurdering og fastsettelse av avkastningskrav, samt estimering av investeringskostnad. Samlet danner dette fundamentet for en videre vurdering av hvorvidt grunnrenteskatten hadde en vridende effekt på investors investeringsbeslutning.
Overordnet viser analysen at selskapets tilnærming til prosjektlønnsomhetsanalyse er god og i stor grad sammenfaller med det underliggende teoretiske fundamentet. Jeg har imidlertid identifisert forbedringsområder, hvor selskapets tilnærminger avviker fra «beste praksis». Mine mest interessante funn er at kostnadsestimeringen ikke hensyntok prinsippet om stokastisk uavhengighet. Dette resulterte sannsynligvis i at kostnadsestimatet ble undervurdert. Videre reflekterer ikke avkastningskravet, etter min mening, investeringens langsiktige tidshorisont, eller eiernes risiko på en tilfredsstillende måte. I den siste delen av analysen fremgår det at grunnrenteskatten, i lys av kraftprodusentens metodikk for å beregne prosjetlønnsomhet, virket vridende på investors beslutning. Videre viser resultatene at selskapet optimaliserte kraftverkets lønnsomhet før og etter skatt, ved å dimensjonere kraftverkets størrelse under innslagspunktet for grunnrenteskatt.Investment decisions in hydropower are made under uncertainty, which underscores the necessity for robust analytical methodologies for profitability assessments. This master's thesis is a qualitative case study aimed at analyzing Å Energi's practice of project profitability analysis of new power developments, illustrated using the Fennefoss project. This power plant falls under the category of small-scale power plants and is therefore not subject to ground rent tax. The purpose of this study is twofold: Firstly, the thesis seeks to analyze to what extent the company's approaches to project analysis align with theories of profitable investment decisions. Secondly, the thesis assesses the significance of the tax system, including the ground rent tax, on investors' concept selection.
The study is based on the first two phases of T. Bjørnenak's (2019) framework for project profitability analysis, and the analysis is performed based on data collected from semi-structured interviews and documents sent from representatives of the company. The creative phase addresses the company's approaches to exploring and identifying alternative project concepts, while the technical phase focuses on the quantitative calculations necessary to assess the profitability of these. The latter phase is limited to addressing the company's practice of value assessment and setting of return requirements, as well as estimation of investment cost. Together, this forms the basis for a further assessment of whether the ground rent tax had a distorting effect on the investor's investment decision.
Overall, the analysis shows that the company's approach to project profitability analysis is good and largely coincides with the underlying theoretical foundation. However, I have identified areas for improvement, where the company's approaches deviate from 'best practice'. My most interesting findings are that the cost estimation did not take into account the principle of stochastic independence. This likely resulted in an underestimation of the cost estimate. Furthermore, in my opinion, the return requirement does not reflect the investment's long-term time horizon, or the owners' risk in a satisfactory manner. In the final part of the analysis, it is apparent that the ground rent tax, in light of the power producer's methodology for calculating project profitability, had a distorting effect on the investor's decision. Furthermore, the results show that the company optimized the power plant's profitability before and after tax, by sizing the power plant's capacity below the threshold for ground rent ta
Empirical analysis of the Voluntary Carbon Market: Impact of project characteristics on carbon credit projects
Get PDFIn this thesis, I explore the dynamics and effectiveness of carbon offset projects within the Voluntary Carbon Market (VCM), examining how regional, technological, and economic factors influence the performance of these initiatives globally. The need for climate action is growing, thus understanding the nuances of carbon offset becomes important. This study delves into whether the effectiveness of carbon offset projects varies significantly across different regions, project scales, and the presence of carbon pricing mechanisms, translating these broad queries into a focused investigation. Through the formulation and testing of specific hypotheses, I analyse a dataset comprising information on over 7,466 carbon offset projects sourced from the Berkeley Voluntary Registry Offset Database.
The thesis goal is to estimate the quantitative impact of factors on the retirement rate of carbon credits, the effectiveness of projects. Firstly, I examine the effectiveness of carbon offset projects across various factors such as scales of projects, the location, and the used technology scope using comparative analysis. I then use econometric methods and measure its efficacy using regression methods like Beta, Tobit, and OLS regression models. The study results imply that small-scale and developed projects typically show greater effectiveness. Although the results are consistent across several model specifications, they highlight how complexly economic, technological, and environmental policy interact to determine how successful carbon offset projects are.
The results should not be interpreted as definitive evidence of causal relationships due to potential issues such as endogeneity and omitted variable. Instead, the findings offer a framework for understanding how various factors influence the effectiveness of carbon offset projects in the VCM. This thesis contributes to the broader field of environmental economics and policymaking for the VCM, especially as empirical investigations into the nuanced dynamics of carbon markets continue to evolve
Co-opetition in Practice: Critical Success Factors in a Strategic Partnerships for AI-Driven Fraud Detection within the Insurance Industry
Get PDFThis master thesis explores a case of project collaboration between direct competitors within the insurance industry for the creation of an AI-driven model for fraud detection and prevention, to identify the critical sucess factors of co-opetition. The study does this through utilizing theoretical frameworks such as Game Theory, Resource Based View, and Complex Collaborations for understanding these co-operative settings, while the Translucent Hand of Ecosystems is used as a lens for better understanding how these collaborations should be approached and managed for sucessful outcomes. It follows a qualitative method of semi-structured interviews of participants from the case study, with supplementation from secondary data analysis of relevant documents. In conclusion, the thesis provides five critical sucess factors for co-operative projects for practical implementation and further suggest future research based on these findings
Did Obama’s Election Impact Racial Bias in Eyewitness Reporting Differently Based on Voting Behavior? The Differential Effect of Obama’s Election on Anti-Black Racial Bias in Eyewitness Reporting Between Counties that Voted for Obama and Those That Did Not
Get PDFWe show that Obama’s election did not lead to differential changes in racial bias for counties where the majority of residents voted for Obama compared to those where the majority voted for another candidate. In addition, we find that voting for a candidate other than Obama is positively associated with racial bias. The latter result is supportive of the exemplar theory, which suggests that people who have a positive attitude towards Obama see him as a positive exemplar of a black person and generalise their positive attitudes towards Obama to black people as a whole. The former provides evidence against the Obama effect, as our results suggest that Obama’s election did not have an impact on the amount of anti-black racial bias in eyewitness reporting, irregardless of voting behaviour